Colombia heavily depends on energy and mining exports, making it vulnerable to fluctuations in commodity prices. Colombia is Latin America’s fourth largest oil producer and the world’s fourth largest coal producer, third largest coffee exporter, and second largest cut flowers exporter. Colombia’s economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation, in addition to dependence on primary commodities (goods that have little value-added from processing or labor inputs).
Colombia’s economy slowed in 2017 because of falling world market prices for oil and lower domestic oil production due to insurgent attacks on pipeline infrastructure. Although real GDP growth averaged 4.7% during the past decade, it fell to an estimated 1.8% in 2017. Declining oil prices also have contributed to reduced government revenues. In 2016, oil revenue dropped below 4% of the federal budget and likely remained below 4% in 2017. A Western credit rating agency in December 2017 downgraded Colombia’s sovereign credit rating to BBB-, because of weaker-than-expected growth and increasing external debt. Colombia has struggled to address local referendums against foreign investment, which have slowed its expansion, especially in the oil and mining sectors. Colombia’s FDI declined by 3% to $10.2 billion between January and September 2017.
Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into effect in May 2012. Colombia is a founding member of the Pacific Alliance—a regional trade block formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. The Colombian government took steps in 2017 to address several bilateral trade irritants with the US, including those on truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. Colombia hopes to accede to the Organization for Economic Cooperation and Development.
$683.94 billion (2020 est.)
$734.22 billion (2019 est.)
$710.89 billion (2018 est.)
note: data are in 2017 dollars
3.26% (2019 est.)
2.51% (2018 est.)
1.36% (2017 est.)
$13,400 (2020 est.)
$14,600 (2019 est.)
$14,300 (2018 est.)
note: data are in 2017 dollars
$323.255 billion (2019 est.)
3.5% (2019 est.)
3.2% (2018 est.)
4.3% (2017 est.)
Fitch rating: BBB- (2020)
Moody's rating: Baa2 (2014)
Standard & Poors rating: BBB- (2017)
note: The year refers to the year in which the current credit rating was first obtained.
agriculture: 7.2% (2017 est.)
industry: 30.8% (2017 est.)
services: 62.1% (2017 est.)
household consumption: 68.2% (2017 est.)
government consumption: 14.8% (2017 est.)
investment in fixed capital: 22.2% (2017 est.)
investment in inventories: 0.2% (2017 est.)
exports of goods and services: 14.6% (2017 est.)
imports of goods and services: -19.7% (2017 est.)
sugar cane, milk, oil palm fruit, potatoes, rice, bananas, cassava leaves, plantains, poultry, maize
textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
-2.2% (2017 est.)
19.309 million (2020 est.)
agriculture: 17%
industry: 21%
services: 62% (2011 est.)
10.5% (2019 est.)
9.68% (2018 est.)
total: 24.6%
male: 19.4%
female: 31.7% (2021 est.)
35.7% (2019 est.)
50.4 (2018 est.)
53.5 (2014)
lowest 10%: 1.2%
highest 10%: 39.6% (2015 est.)
revenues: 83.35 billion (2017 est.)
expenditures: 91.73 billion (2017 est.)
-2.7% (of GDP) (2017 est.)
49.4% of GDP (2017 est.)
49.8% of GDP (2016 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities
26.5% (of GDP) (2017 est.)
calendar year
-$13.748 billion (2019 est.)
-$13.118 billion (2018 est.)
$39.14 billion (2020 est.)
$52.96 billion (2019 est.)
$55.06 billion (2018 est.)
note: Data are in current year dollars and do not include illicit exports or re-exports.
United States 31%, China 11%, Panama 6%, Ecuador 5% (2019)
crude petroleum, coal, refined petroleum, coffee, gold (2019)
$51.56 billion (2020 est.) note: data are in current year dollars
$65.83 billion (2019 est.) note: data are in current year dollars
$64.56 billion (2018 est.) note: data are in current year dollars
United States 27%, China 20%, Mexico 7%, Brazil 6% (2019)
refined petroleum, cars, broadcasting equipment, packaged medicines, corn (2019)
$47.13 billion (31 December 2017 est.)
$46.18 billion (31 December 2016 est.)
$135.644 billion (2019 est.)
$128.238 billion (2018 est.)
Colombian pesos (COP) per US dollar -
3,457.93 (2020 est.)
3,416.5 (2019 est.)
3,147.43 (2018 est.)
2,001 (2014 est.)
2,001.1 (2013 est.)
NOTE: The information regarding Colombia on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Colombia 2022 information contained here. All suggestions for corrections of any errors about Colombia 2022 should be addressed to the CIA or the source cited on each page.
This page was last modified 01 Dec 23, Copyright © 23 ITA all rights reserved.